Are Condos Right For You?

Should I Buy a Condo?

As single family home prices have risen, many consumers have been looking to condominiums as an alternative. First time buyers like the lower prices, which makes entry into the real estate ownership market easier. Seniors like the low maintenance aspect and the ability to be in a community catering to their lifestyle. Others like the security advantages that the building provides, especially for those who travel frequently.

Condo Concept
When you purchase a condominium, you purchase and have title to your individual unit in a multi-unit property, and share in the ownership of the land and other common property with all the other unit owners.  The type of common property varies depending on the type of condominium – high rise or townhouse for example – and would include hallways, elevators, heating system, parking structures, landscaped areas, recreation areas etc.

A condominium is a specific form of ownership and does not describe a type of building.

One of the great advantages to owning a condominium is that in most cases, it is owner-occupied and owner run.  Owners ensure their investment is maintained and regard improvements as an investment which increases the value of their individual unit.

Advantages and Disadvantages of Condo Ownership

If a winter holiday is part of your lifestyle, you can leave with your mind at ease, without the worry of a driveway to clear. In the summer the grass will be cut, you won’t have any exterior painting projects or fence repairs to look after.

Condo projects are now part of most communities which means being able to stay in the same location where you were a homeowner.  Some condo projects are more successful than others in terms of capital appreciation and length of time to sell. Here are some of the advantages and disadvantages of condo ownership:

Advantages

• protection from rent increases
• monthly cost of owning is often less than renting
• easy financing
• wide range of property types, prices, locations, sizes and amenities available
• availability of amenities such as swimming pool, tennis courts, hot tubs, saunas, whirlpools, exercise facilities, health spas, sun decks, community rooms (the cost of which may otherwise not be affordable)
• you are investing in your own home and build equity
• appreciation of capital value
• pride of ownership
• freedom to make interior changes and enhancements to your unit
• enhanced security availability and peace of mind when leaving unit unattended
• maintenance and upkeep is kept down or eliminated
• security of tenure and permanent occupancy
• cost is often less than single family home due to efficient use of land and economies of scale
• very marketable
• wide range of prices depending on features, luxury and location
• sense of community due to permanence of residents and resulting social activity
• developments available geared to a specific lifestyle (restrictions on age, pets, children etc.)
• participation of owners in operation of development including budgeting, decision making, determination of rules and by-laws.

Disadvantages

• some loss of freedom may be experienced due to rules and by-laws e.g. type of pets allowed, right to rent unit etc.
• due to a larger concentration of people you may experience problems with the “5  p’s”, pets, parties, parking, personality and people.
• money is tied up in equity
• you may be paying for some amenities you never use
• boards of directors vary in terms of skill and effectiveness

I can help you decide if you are a right fit for living in a condominium. Contact me and I will help you assess your needs and concerns.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Power of Sale listings for Toronto and GTA – May 21

The number of power of sale listings has decreased by about half since the last Power of Sale post. Taking the Mid-May report into account, it appears that we are in an equilibrium with a balanced supply of buyers and sellers. This is a great time to buy and/or sell.

Let’s take a look at the current power of sale listings.

Power of Sale Listings for Central/North Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for East Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for West Toronto

Freehold/Condominium properties please - click here -

York Region (Richmond Hill / Markham / Vaughan / Aurora) – There are very few Power of Sale listings for the towns in York Region, so I have grouped them together.

Freehold/Condominium properties please - click here -

Mississauga & Oakville

Freehold/Condominium properties please - click here -

For other areas in the GTA, please request it by emailing me and I will email the listings to you.

Please contact me to discuss any of the power of sale listings.
Please contact me to list your property for sale.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Toronto Real EstateKirby ChanToronto Power of Sale

Power of Sale listings for Toronto, Richmond Hill and Markham – April 9

After a 2-day snow storm, the sun has returned. The market interest is certainly picking up, with our office registering 900 showings this week. 50% of the analyst would say it is going to get worse. 50% of the analyst would say it is the bottom now and the housing market will rebound. To be honest with you, who really knows. These people are just guessing, and what I know is 50% of them are going to get it right and be labeled as experts. The other 50% will have to try their luck again. I like to look at the stats and I will provide the March housing statistics in the next post. In summary for the month of March, 2009 vs. 2008, we are down 7% in sales transaction and down 5% in average price. When compared to the month of January and February the housing market is improving at a steady rate. It seems it is not as bad as the media portrays it to be.

Let us move on to this week’s list of power of sales.

Power of Sale Listings for Central/North Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for East Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for West Toronto

Freehold/Condominium properties please - click here -

York Region (Richmond Hill / Markham / Vaughan / Aurora / Uxbridge/ Stouffville) – There are very few Power of Sale listings for the towns in York Region, so I have lumped them together.

Freehold/Condominium properties please - click here -

For other areas in the GTA, please request it by emailing me and I will email the listings to you.

Please contact me to discuss any of the power of sale listings.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Toronto Real EstateKirby ChanToronto Power of Sale

Power of Sale listings for Toronto, Richmond Hill and Markham – March 18

The warm weather has arrived! 13 degrees today, looks like spring is coming early. Good weather affects real estate prices and I feel this as more clients are calling me to see homes and to get a market evaluation on their own home.

Let us take a look at this week’s list of power of sales.

Power of Sale Listings for Central/North Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for East Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for West Toronto

Freehold/Condominium properties please - click here -

Richmond Hill / Markham / Vaughan – There are very few Power of Sale listings for the three towns in York Region, so I have lumped them together.

Freehold/Condominium properties please - click here -

For other areas in the GTA, please request it by emailing me and I will email the listings to you.

Please contact me to discuss any of the power of sale listings.

Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008

Toronto Real EstateKirby ChanToronto Power of Sale

Week of JAN 20th – Power of Sale Listings in Toronto

I must apologize for being a day late posting Monday’s Power of Sale List. Let’s start bargain hunting!

This is a list of power of sale properties for Toronto. Power of sales are usually properties where the owner is not making mortgage payments and the financial institution is selling the property to recoup their money. Many of the properties are great for the first time home buyer or the handy man.

For freehold properties please - click here -

For condominium properties please - click here-

For other towns or cities around GTA, please request it by emailing me and I will email the listings to you.

Please contact me to discuss any of the power of sale listings.

Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008

Power of Sale Listings in Toronto

On Mondays I will compile a power of sale list for Toronto. Power of sales are usually properties where the owner is not making mortgage payments and the financial institution is selling the property to recoup their money. Many of the properties are great for the first time home buyer and the handy man.

For freehold properties please - click here -

For condominium properties please - click here-

For other towns or cities around GTA, please request it by emailing me and I will email the listings to you.

Please contact me to discuss any of the power of sale listings.

Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008

Deal of the Week – 80 Western Battery Road and 50 Lynn Williams Street *Updated July 30

80 Western Battery Road and 50 Lynn Williams Street

This is a new loft condominium better known as Zip Condos and Loft.  It is located in the trendy Liberty Village. The best deal in this building are the studio units. The asking price starts at $199,000 $182,900 and potential rent is $1,000 /month. Maint. fee is $180/month. The reason I choose this building for this week’s deal is because of 3 elements.

• It has a low purchase price.
• It has good rental potential.
• It has great price appreciation potential.

At the moment, there are 1 available Studio units that I can show you. Asking price starts at $193,000 $182,900.

1-Bedroom units start at $245,000 and 2 Bedroom units start at $349,500.

Building amenities – 24-Hour Concierge, 2 Guest Suites, Underground Car Wash, Indoor Pool, Party Room, Sports Lounge, Cyber Lounge, Theatre Room, Well Equipped Fitness Room With Cardio Machines, Yoga And Aerobics Area.

To view the units or for a copy of the MLS listings at 80 Western Battery Road and 50 Lynn Williams Street, please contact me by email or cell.
To view the units for rent at 80 Western Battery Road and 50 Lynn Williams Street, please contact me by email or cell.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.